The Shareholders Foundation announces that an n investigation on behalf of former employees of Dreamworks Animation Skg Inc (NASDAQ:DWA), who worked at any time between 2004 and 2014 in technical, artistic, creative and/or research and development positions for Lucasfilm, Pixar, DreamWorks Animation, Walt Disney Animation Studios, Walt Disney Feature Animation, Sony Pictures animation or Sony Pictures Imageworks, ImageMovers Digital, and Digital Domain, was launched concerning a potential conspiracy among visual effects and animation studios to suppress the wages of their highly skilled workers and employees.
Former employees who worked at any time between 2004 and 2014 in technical, artistic, creative and/or research and development positions for Lucasfilm, Pixar, DreamWorks Animation, Walt Disney Animation Studios, Walt Disney Feature Animation, Sony Pictures animation or Sony Pictures Imageworks, ImageMovers Digital, and Digital Domain have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the investigation by a law firm the above stated former employees of Dreamworks Animation Skg Inc, were deprived hundreds of millions of dollars in compensation and may be eligible to file a complaint over violations of Federal Law.
Recently a lawsuit was filed against certain directors of Dreamworks Animation Skg Inc over alleged breaches of fiduciary duties. The plaintiff says the defendants allegedly hid the company’s financial performance from investors and, ultimately, damaged its reputation in the industry. The plaintiff says that Dreamworks Animation Skg Inc reported a $57 million write-down for Mr. Peabody and Sherman just one month after the movie’s release, but waited seven months to report a $13.5 million write-down for its movie Turbo. The plaintiff claims that instead of acknowledging Turbo’s failure and appropriately adjusting the revenues and future cash flows that were expected from the film after the write-down, defendants allegedly continued to present an overstated image of the company’s financial health and business prospects through July 2014. On July 29, 2014, during a conference call with analysts, Dreamworks Animation Skg Inc revealed that the Company is under investigation by the Securities and Exchange Commission for the $13.5 million write-down the studio took in February in relation to the poor performance of Turbo. The plaintiff says that the revelations concerning the company’s write-down of one of only two movies produced in 2013, the SEC’s investigation and Fox’s inability to recoup its costs exposed Dreamworks Animation Skg Inc’s true business health and caused its market capitalization to decline over 40%, erasing more than $1.1 billion in value. Indeed, Shares of Dreamworks Animation Skg Inc (NASDAQ:DWA) declined from over $35 per share in early 2014 to under $20 per share during August 2014.In addition, the plaintiff claims that the defendants’ wrongdoing exposed the company to the risk of hundreds of millions of dollars in damages in addition to the costs and liability the company is already facing in the SEC investigation.
Those who are former employees who worked at any time between 2004 and 2014 in technical, artistic, creative and/or research and development positions for Lucasfilm, Pixar, DreamWorks Animation, Walt Disney Animation Studios, Walt Disney Feature Animation, Sony Pictures animation or Sony Pictures Imageworks, ImageMovers Digital, and Digital Domain have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com